The acquired business produces patient instructional leaflets, commonly known as ‘inserts and outserts’, for pharmaceutical customers in the US. CCL Label manufactures similar products at its specialist factories in Baltimore MD, Canada and Puerto Rico.
CCL anticipates the final purchase price will be approximately US$10m in a combination of cash and assumed debt. Sertech sales were $11.2m in the year ending 31 December 2010, with Ebitda of approximately $2.4m.
Jeff Adesko, William McDonough and Michael Bergeron (the founders of Sertech) have signed long-term employment agreements as part of the transaction and will join the Healthcare Solutions business group of CCL Label North America led by Jim Sellors, vice president and general manager. The acquired company will immediately change its trading name to CCL Label.
Source: CCL Industries
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